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Visa, Mastercard, JPMorgan and Citi Reveal Breakthrough Crypto Plan for Mass Institutional Adoption After Bitcoin, Ethereum and XRP Price Pump
Bitcoin
Bitcoin
and cryptocurrencies, including Ethereum and XRP
XRP
and other major currencies – have been strengthened by the Wall Street earthquake this year (which could be wiped out by an “absolutely huge” Chinese bomb.).
The price of bitcoin surpassed its previous all-time high of around $70,000 per bitcoin, helping the combined market of ethereum, XRP and cryptocurrencies rise to around $2.5 trillion according to one analyst predicting that former US President Donald Trump and the Federal Reserve could trigger a massive boom in bitcoin prices.
Now, as Tesla billionaire Elon Musk issues a serious warning that the US dollar could be on the verge of collapsesome of Wall Street’s largest banks have revealed they are testing a system with Visa and Mastercard to tokenize their assets—something that Citi analysts predict could become a “$5 trillion market by 2030.”
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JPMorgan CEO Jamie Dimon leaned into Bitcoin’s blockchain technology while criticizing Bitcoin,… [+] ethereum, XRP and other cryptocurrencies even in the midst of a huge bitcoin price boom.
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JPMorgan, Citi, US Bank and Wells Fargo are among the banks that will test joint settlement of tokenized assets on shared ledger technology called the regulated settlement network with payments giants Visa and Mastercard, as well as global financial messaging service Swift.
“This for me represents the dividing line for mass institutional adoption,” Colin Butler, global head of institutional capital at Polygon
Polygon
, said Blockworks., add that the latest test is “incrementally more important” than previous tests such as JPMorgan’s Onyx private blockchain and the Unified Ledger, a concept introduced by the Bank for International Settlements (BIS) last year.
The so-called “proof of concept” regulated settlement network is inspired by Bitcoin’s blockchain technology that allows you to maintain a shared database without relying on a trusted third party.
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The price of bitcoin has skyrocketed this year, largely thanks to Wall Street’s long-awaited arrival… [+] and institutional investors.
Forbes Digital Resources
“As blockchain technology continues to mature, it will be critical for public and private organizations to collaborate closely to explore how it can be applied to solve real-world pain points and improve efficiency,” Raj Dhamodharan, executive vice president of blockchain and cryptocurrency at Mastercard, said in a press release.
Asset tokenization has been called the “next generation for markets” by BlackRock.
Black rock
CEO Larry Fink who has delved into bitcoin and cryptocurrencies over the past year with the launch of his highly successful bitcoin spot exchange-traded fund (ETF).
Earlier this year, BlackRock
BLK
quietly announced that it has already launched the second phase of its plan for a cryptocurrency-based “revolution in financial markets” by launching a tokenized private equity fund.
This month, an executive at spot bitcoin ETF issuer BlackRock revealed that sovereign wealth funds are showing interest in bitcoin and may start trading in the coming months.